Home loan changes

We're making changes to some of our home loan fees and our home loan terms and conditions. These changes are effective from 17 December 2018. Download an updated copy of our Personal Banking fees and limits brochure (PDF 143.4 KB) and our home loan terms and conditions (PDF 163.0 KB). The changes have been summarised below.

Changes to home loan terms and conditions

On 17 December 2018 we're updating our home loan terms and conditions to reflect the removal of the Low Equity fee. See Section 16, "What Fees and Costs Do You Pay?". Download the home loan terms and conditions (PDF 163.0 KB) effective 17 December 2018.

Home loan fees being removed

Fee type Old fee New fee
Application fee $250 Removed
Demand fee – Insurer premiums $50 Removed
Discharge of security fee – urgent $50 Removed
Low Equity fee Varies depending on LVR Removed

Home loan fees being reduced

Fee type

Old fee

New fee

Demand fee - Default

$50

$12

Demand fee - Rates

$50

$12

Discharge of security fee

$75

$30 – full discharge*

$70 – partial discharge*

Loan restructure fee

$175

$30 – simple request*

$135 – complex request*

Settlement Statement fee

$45

$15

Top Up fee

$200

$185

* Full descriptions of when each fee is applicable can be found in the updated Personal Banking fees and limits brochure (PDF 143.4 KB).


Credit card changes

We’ve made changes to some of our credit card fees for our personal customers and our credit card terms and conditions. These changes are effective from 15 October 2018. Download an updated copy of our Personal Banking fees and limits brochure (PDF 196.4 KB) and our credit card terms and conditions (PDF 170.5 KB). The changes have been summarised below.

Changes to our credit card terms and conditions

The credit card terms and conditions changes clarify when you’ll need to reduce a positive balance on your account, refer to Clause 6 "Your credit limit and positive balances".

Credit card fees removed

Fee type

Previous fee

New fee

Over limit fee

$5

$0

Statement copy fee

$5

$0

Voucher copy fee

$15

$0

Contact centre high use fee

Variable

$0

Emergency cash advance overseas

$52

$0

Credit card fees changed

Fee type

Previous fee

New fee

Low Rate Mastercard account fee

$25 every six months

$24 every six months

Domestic cash advance fee

$1 per transaction

$0.90 per transaction

Late payment fee

$3 per late payment

$5 per late payment

Replacement card fee

$10 per request

$9.50 per request

Urgent card delivery fee to a New Zealand address

$25 for metro deliveries; applicable courier charges elsewhere

$2.60 per delivery

Changes to our foreign cheques

We've made changes to the way we handle foreign cheques, effective from 31 October 2018.

If your foreign cheque is in Australian dollars, Great British pounds or United States dollars and under NZ$5,000 it will take up to 30 days for your funds to become available in your Kiwibank account.

If your foreign cheque is in any other currency regardless of its value or over the value of NZ$5,000 it can now take up to four to six weeks (or longer in some cases) for us to process your foreign cheque.

Download a copy of the new foreign currency draft/cheque terms and conditions (PDF 70.8 KB) effective from 31 October 2018.

Changes to our General Terms and Conditions

We’ve updated our General Terms and Conditions. A summary of the changes are:

  • Changes to assist us to comply with the new Code of Banking Practice;
  • Changes to clarify your and our rights and obligations in relation to certain products and services (including cards, internet and mobile banking and phone banking), and when your information may be disclosed;
  • Minor wording changes on the information we hold about you, internet banking, mobile banking and phone banking;
  • When you request certain transactions or changes within internet banking or our mobile app we may require you to enter a One Time PIN sent to your mobile number before we will process the request. The main change is set out in section 51.

These changes are effective from 1 June 2018. Download a copy of the new General Terms and Conditions brochure (PDF 281.0 KB).

We no longer sell international bank drafts

Our international bank draft service is now unavailable, effective Tuesday, 1 May 2018. You'll still be able to stop an international bank draft but we won't be able to issue you a replacement or a new draft.